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10.01.2013 08:20

Stocks: Wednesday’s review

Asian stocks climbed, halting a two- day retreat, as Japan’s Nikkei 225 Stock Average reversed losses after the yen weakened and Alumina Ltd. jumped as partner Alcoa Inc. posted sales that beat estimates.

Nikkei 225 10,578.57 +70.51 +0.67%

Hang Seng 23,218.47 +107.28 +0.46%

S&P/ASX 200 4,708.14 +17.89 +0.38%

Shanghai Composite 2,275.34 -0.73 -0.03%

Alumina rose 4.6 percent in Sydney after Alcoa kicked off U.S. earnings season.

Chemical maker Nufarm Ltd. rallied 6.2 percent in Sydney after Monsanto Co., the world’s biggest seed company, raised its profit forecast.

Honda Motor Co. and Toyota Motor Corp. both climbed more than 1 percent as the yen fell against all of its major counterparts.

European stocks rose to the highest in more than 22 months as Alcoa Inc. began the U.S. earnings season with sales that beat projections.

Alcoa, the largest U.S. aluminum producer, unofficially kicked off the earnings season late yesterday as it reported fourth-quarter sales of $5.9 billion, beating the $5.6 billion average analyst estimate. Fourth-quarter profits from S&P 500 companies probably increased 2.9 percent, according to analysts’ estimates compiled.

German industrial production rose 0.2 percent in November, after a revised 2 percent drop a month earlier, the Economy Ministry in Berlin said. That’s the first time output climbed in four months. Economists on average had predicted a 1 percent increase.

National benchmark indexes advanced in 16 of the 18 western European markets. The U.K.’s FTSE 100 added 0.7 percent, while France’s CAC 40 climbed 0.3 percent. Germany’s DAX gained 0.3 percent.

A gauge of telecommunications shares was the best performer among the 19 industry groups in the Stoxx 600. Mobile-phone operators including Deutsche Telekom AG and France Telecom SA discussed the creation of a pan-European network with Competition Commissioner Joaquin Almunia, the Financial Times reported, citing people familiar with the matter.

Telecom Italia soared 8.8 percent to 75.7 euro cents, the biggest rally since May 2010. Deutsche Telekom advanced 3.4 percent to 9.14 euros and France Telecom climbed 4.3 percent to 8.75 euros. Vodafone Group Plc gained 1.9 percent to 165.5 pence.

Delta Lloyd surged 6.6 percent to 13.71 euros, the largest increase since June 29, after Aviva sold its 19.4 percent stake in the Dutch company for 433.8 million euros ($568 million). Aviva, the U.K.’s second-biggest insurer by market value, slipped 2.2 percent to 373.7 pence.

J Sainsbury Plc lost 2.9 percent to 329.2 pence after the U.K.’s third-largest supermarket chain said same-store sales excluding revenue from fuel rose 0.9 percent in the 14 weeks ended Jan. 5, the weakest of 32 consecutive quarters of gains. A gauge of retail shares was the worst-performing industry group in the Stoxx 600, falling 0.7 percent.

U.S. stocks rose amid growing expectations of market participants about the fact that the season began publishing quarterly reports will be bullish, and the company will be able to demonstrate strong financial results for the last quarter.

Against this background, the current rise is broad. Many components of the index is updated many months DOW highs. In particular, it is worth noting shares United Tech (UTX), which updated the 10-month high, reaching $ 85.31, and shares of JPMorgan Chase (JPM), the price of which has reached the level of $ 46.20 - the highest level since March 2011.

The growth of optimism in the markets was published on the eve of the company's Quarterly Report Alcoa (AA), the output of which unofficially kicked off season reports.

As previously announced, Alcoa profit in the 4th quarter of 2012 was $ 0.06 per share, which was in line with the average forecast. Revenue for the period was $ 5.9 billion (estimate $ 5.61 billion).

In Alcoa expect 7% growth in global demand for aluminum in 2013, compared to 6% growth in 2012. This is higher than previously voiced 6.5% increase required to meet the forecast doubling of global demand for aluminum in 2010-20 years.

Many see financials Alcoa as a barometer of the situation in the industrial sector of the global economy. However, it is worth noting that, according to FactSet reporting Alcoa is not a good indicator for the reporting season in general.

Among the most important corporate reports that will be presented this week, it is worth noting reports Wells Fargo (WFC), which will be presented on Friday.

More intense will be next week, when its quarterly reports will provide Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America (BAC), and many other large companies.

Most of the components of the index DOW increase in price (18 of 30). Leader shares were Boeing (BA, +3.55%), which increased in the correction after a significant decline in the last two trading sessions. Recall that the reason for the sale of shares in BA Monday and Friday were reported about the technical problems with the Dreamliner.

Maximum loss suffered shares Bank of America (BAC, -4.59%), pressure which had reduced their rating analysts Credit Suisse.

According to trade in all sectors of the S & P index rose. Leaders were conglomerates sector (+1.0%) and consumer goods (+1.0%). Sector utilities and basic materials showed minimal growth (+0.2%).

At the close:

Dow 13,391 +62 +0.47%

Nasdaq 3,106 +14 +0.46%

S & P 500 +0.26% 1.461 4

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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